COMMERCE AND FINANCE

Otago Daily Times, Issue 24710, 12 September 1941, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET I DUNEDIN STOCK EXCHANGE ! I YESTERDAY’S SALES DUNEDIN Sales Reported £ s. d. Bank of New Zealand .. 2 0 0 Standard Insurance .. .. 3 16 Westport-Stockton (ord.; 2) 0 2 6 Donaghy's (rights; 2) .. 0 15 3 N.Z. Drugs 318 0 N.Z. Drugs (new issue) .. 210 0 Woolworths (N.Z.; ord.) .. 0 14 2 Unlisted Stocks Mackintosh Caley Phoenix (2) 0 15 0 ■ AUCKLAND Sales on ’Change. —War Loan, 1953, £B7 ss; E.S. and A. Bank, £4 Is 6d; Union Bank, £7 2s 6d;. New Zealand Insurance, £3 6s (2); South British, £2 15s; Westport-Stockton (ord.), 2s 6d; New Zealand Breweries, £1 15s 6d; Australian Alloy Steel, 8s; Consolidated Brick, 7s 6d <2); Farmers’ Trading, £1 Is 6d; K.D.V. Boxes. 8s 6d (2); New Zealand Drug, £3 18s (2): Solfridgcs (Australasia), £1 Is 6d: Sharland (ord.), £1 Is; Sharland (pref.). £1 Is 6d; Taranaki Oilfields, ss; W’oolworths (Sydney), 18s Id; Mount Morgan (ord., late sale), 10s. Unofficial List. —Farmers’ Trading (C pref.), £1 0s 3d. WELLINGTON Sales on ’Change. —Commercial Bank of Australia (late Wednesday), 15s; Union Banks (late Thursday), £7 2s 6d; New Zealand Drug (cont„ lale Wednesday). £2 10s; MacDufls (pref., late Wednesday), 19s 9d; Broken Hill South (late Wednesday), £1 17s; New Zealand Guarantee, 3s; Broken Hill South. £1 7s 9d (2); Mount Lyell. £1 8s 6d. CHRISTCHURCH Sale on ’Change. —MacDufls (pref.), 19s 9d. Sales Reported— Commercial Bank of Australia, 15s 4d; Bank of New South Wales. £2B 15s; Union Bank of Australia, £7 2s 6d. LATEST QUOTATIONS

PLANT AND MACHINERY IMPORTATION PROCEDURE Advice has been received by the Dunedin Chamber of Commerce from the secretary of supply of the procedure to be adopted m making application for the issue of essentiality certificates covering the importation of plant and machinery from the United Kingdom. Importers when lodging their applications for import licences with collectors of Customs should give the following details:—A description and nature of plant and machinery; the purpose for which required; whether an extension or replacement of existing plant; the name of the manufacturer or supplier if known. The actual order number should also be made available, but if this is not possible, at the date of making application, it should be given direct to the Secretary of Supply. Wellington, after the essentiality certificate is received.

RESERVE BANK LOWER LEVEL OF ADVANCES STERLING FUNDS MAINTAINED (P.A.) WELLINGTON, Sept. 11. The following is a statement of the assets and liabilities of the Reserve Bank as at the close of business on September 0; LIABILITIES Sopt. I. Sept. 8, £ £ 1. General Reserve Fund .. 1,500,000 1,500,000 2. Bank notes 22,307,531 22,226,729 3. Demand liabilities—(a) State 9,358.714 9,016,980 (b) Banks 10.251,383 7.778,965 (c) Other 2,959,066 3,518,381 4. Time deposits 5. Liabilities in currencies other than New Zealand currencies .. .. 10.608 11,771 6. Other liabilities .. .. 999,509 990,837 Total £47,386,864 £45,043,665 ASSETS 7. Reserves—(a) Gold 2,801,874 2,801.871 (b) Sterling exchange .. 13,623.352 13,993,187 (c) Gold exchange .... 8. Subsidiary coin .. .. 48,035 45,742 9. Discounts—(a) Commercial and agricultural bills .... (b) Treasury and local body bills .... 10. Advances—(a) To State or Stale undertakings—(l) Primary Produce Marketing Department .. 7,140,740 8,609,323 (2) For other purposes .. .. 18,000.000 16,000,000 (b) To other public authorities (c) Other 11. Investments 3,882,83 2 3,822,321 12. Bank buildings .... 13. Other assets 1,960,039 1,570,715 Total £47,386,064 £45,043.665 Proportion of reserves (No. 7 less No. 5) to notes and other demand liabilities .. 36.577% 39,452% Sterling exchange is expressed in New Zealand currency. MANUFACTURED GOODS AUSTRALIA'S ABILITY TO SUPPLY The Acting Trade Commissioner in Wellington has advised the Dunedin Chamber of Commerce of Australia’s capacity to supply many classes of goods in view of the fact that in the list of import restrictions for 1942 there are many classes of goods which formerly were included in the prohibited list, but for which licences to import from Australia will now be issued. It is, advised that in view of the increasing use of factory output' for war purposes, many kinds of goods which formerly were available for export cannot now be exported from Australia without the Consent of the Minister of Customs. Notwithstanding this fact, Australian manufacturers and exporters may be in a position to All orders received for commodities not in short supply, which New Zealand importers formerly obtained from other sources not so readily accessible and from which deliveries are more uncertain under present conditions. The Trade Commissioner will be pleased to receive inquiries for goods which cannot be obtained locally, and will do everything possible to place importers in touch with likely Australian suppliers. Information should be supplied of the approximate quantities of goods required, as this will facilitate the handling,of-.the inquiries in Australia. C v-.v v

RISING NOTE ISSUE RESERVE BANK TREND Comment on the continued rise in the note issue of the Reserve' Bdhk is contained in the latest issue of the Mercantile Gazette. The anual report of the bank stated that the increase of about £3,000,000 in bank notes outstanding was a continuation of the upward movement showiTin the previous year. “ The directors must know the cause, but Reserve Bank officials are, civil servants and must act with prudence,” states the Mercantile Gazette. “ The cause of the consistently high note issue is the definite movement toward inflation.

“ The inflation is due to high wages, and it was this that led to import restrictions so far back as December, 1938. The purchasing power of the people within the Dominion was practically equal to the whole of the export income, converted into imports. Now the people cannot import, partly because of restrictions and mainly because of the war disturbing the transport services. The war expenditure is fairly widely distributed, and notes are our sole money. “ It is perhaps unnecessary to worry just now, for no action is possible while the war continues, but when the war ends the banking structure of the Dominion must be the subject of careful review. The political elements must be eliminated from banking affairs. We want our banking system modelled on that of Britain.” AUSTRALIAN ALLOY STEEL, LTD. (P.A.) WELLINGTON, Sept. 11. Australian Alloy Steel, Ltd., announces that the combined net profit of the company and its associate company, Hadfields (Australia), for the year ended June 30, was £6038. No dividend was recommended. AUSTRALIAN MARKETS (Rac. 11 p.m.) SYDNEY, Sept. 11. Wheat; Bulk, 3s ll$d; bagged, 4s 3id. Flour, £l2 13s. Bran and pollard, £6.' Potatoes: Tasmanian Brownell’s, £9; others, £6, Onions: A New Zealand shipment of brown onions was marketed yesterday and sold immediately at £3O a ton. Maize, 4s 3d. John M. Fraser and Go.. Ltd., selling agents for Otago and Oamaru egg circles, report as under; —Eggs: Heavy grade. Is 6d; standard. Is 4d medium. Is 2d. Dairy butter pats, lid to Is Id. Potatoes, 11s to 12s per cwt; King Edward potatoes. 12s to 13s per cwt. Chaff. £6 10s per ton, sacks extra. Canterbury onions, 16s per cwt. Whole fowl wheat, to 6s 9d per bushel. Honey. 7d to 8d per lb. 51b tins, 101 b tins wanted.

Poultry; White Leghorn hens, 5s to 6s; heavy breeds, Gs to 7s; cockerels, light, 4s to 6s; heavy breed, 7s Cd to 9s 6fl; roosters, 2s 6d to 4s 6d; ducks, 6s to 7s; ducklings. 6s to 7s, all per pair. Turkeys, gobblers, 8d to lOd per lb. Live weight hens, 7d to 9d per lb. We stock “ C.F.M." Meatmcal. Butler milk powder. Palmer’s chick food. We are Otago agents for “Champion ” egg crates. “ Sol-Vit-Ax cod liver oil for poultry: prices on application. Consignors, please note that all poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for use of our clients.

GOVERNMENT LOANS Buyer. Seller. £ s. d £ 's. d. 3J p.c., 1953-57 .. .. 102 0 0 — 3J p.c. Stock, 1953-57 .. 102 0 0 — 4 p.c. Bonds, 1946-49 .. 105 10 0 — 4 p.c. Stock, 1946-49 .. — 105 15 0 4 p.c. Stock. 1949-52 .. — 107 5 0 4 p.c. Bonds, 1952-55 .. 107 0 0 — 2J p.c. War Loan — 100 0 0 3 p.c. War Loan — 100 0 0 BANKING N.Z. (£1) 1 19 9 — Commercial (10s) 0 15 0 0 •15 6 Natl, of N.Z. (£2 10s) 1 19 0 — Union (£5) — 7 5 0 INSURANCE AND SHIPPING National (7s) .. .. 0 19 8 South British (10s) — 2 17 0 Standard (£1) .. .. 3 1 0 — P. and O. Stock (£1) 1 11 0 2 0 0 U.S.S. Co, (preL; £1) 1 6 0 — MEAT. LOAN AND AGENCY Cant, (ord.; £7 10s) 11 10 0 Cant, (pref.; £5) 6 12 0 — Gear Meat (10s) 0 13 9 — N.Z. Refrig. (£1) .. 0 19 4 — N.Z. Refrig. (10s) .. — 0 9 0 South. Froz. (ord.; £1) 1 12 0 — Waitaki Farmers (£5) 4 12 6 — Natl, Mortgage (£2) 1 14 6 — Natl. Mort. (B; £1) 1 1 6 — L, and M. (ord.; £100) 34 0 0 — Guar, Corp. (3s) 0 2 6 — Perpetual Trust (18s) 2 10 6 — Trustees, Exec. (£3) 4 5 0 — W.S. (pref.; £1) 0 19 U — GAS, COAL, AND OIL Auckland (£1) .. .. 0 6 9 Kaitangata f 16s) .. 1 12> O'-■-1 13 6 Westport (10s) .. .. 1 3 9 — W. Stock, (ord.; 10s) 0 2 4 — W. Stock, (pref.: 10s) 0 G 6 0 7 3 Taranaki Oil (£ 1 4s 7d) 0 5 0 — WOOLLEN COMPANIES Bond's Hosierv (£1) 1 7 0 Bruce (ord.; £1) 1 2 6 — Bruce (pref.; £1) 1 1 0 — Kaiapoi (ord.: 17s) *0 15 9 • Kaiaooi cont.; 7s) .. — 0 7 3 Oamaru (£1) 1 1 6 — MISCELLANEOUS Booth Macdonald (pf.; £1) 0 5 3 0 5 7 Brok. Hill Pty. (£1) 2 2 9 — D.I.C (pref.; £1) 1 4 0 - Dom, Rubber (£1) 0 16 0 1 0 6 Don. Hope (rights) .. 0 15 0 — Felt & Tex. (rights)) — 0 8 0 G. ,1. Coles (£1) .. 3 7 0 — Kauri Timber (£1 5s) 1 3 0 — MacDuffs (ord.; £1) 0 9 1 0 9 3 MacDuffs (pref.: £1) 0 19 0 1 0 0 Milburn Lime (£1) .. — 1 19 0 McKenzie's (£1) ?. 1 0 — Natl. Electric (£1) .. 1 2 3 — N.Z. Drug Co. (£2) — 3 18 6 N.Z. Drug (£1 pd.) .. 2 9 0 — Farmers’ Fort, (pref £1) 0 19 0 — N.Z. Paper Mills (£1) 1 12 0 1 13 0 O.D. Times (£1) 1 17 0 — Regent Theatre (£1) — 0 18 6 Southland Ice (£1) .. 1 3 0 — Wilsons Cement (10s) — 0 19 9 Woolwortlis (ord.; 5s) 0 14 0 0 14 5 Woolworths (Syd.; 5s) 0 18 0 — Wool worths Prpts. (£1) 1 5 0 — BREWERIES N.Z. Breweries (£1) 1 15. 3 Dunedin (£1) 0 15 0 1 0 0 MINING Broken Hill South (5s) 1 7 0 E. Zinc (ord.; £1) .. 2 14 0 — E. Zinc (pref.; £1) .. 2 15 6 — Mount Morgan (2s Gd 0 9 6 0 9 .1 North Broken Hill (5s) 2 1 0 — Rawang Tin (10s) 0 8 9 — Big River (Is) .. .. 0 0 9 0 1 0 Gillespie’s Beach (Is) 0 0 2 0 0 3 Nokomai (5s) .. .. — 0 1 0 Waihi Invest. (5s) .. 0 4 0 0 5 0 UN-TASTED STOCKS Mackintosh Caley Phoenix 0 14 G 0 16 6 Otago and Southland Finance 0 1 C Otago and Southland Finance (pd.) 0 7 0 — Otago and Southland Finance (pref.) 0 18 6 1 0 0 * Ex dividend.